Stock Market Updates: Domestic equity benchmarks the Sensex and the Nifty ended with losses on Thursday, the last day of the Nifty’s July series futures and options (F&O) contracts amid broadly positive global cues.
FIIs sold a net total of ₹3,979.44 crore in the purchase of shares on Thursday, while domestic institutional investors DIIs bought shares for a net total of ₹2,528.15 crore.
Ajit Mishra, SVP of Technical Research at Religare Broking said.”We are in a consolidation phase so it is normal to see volatile swings. The key is to manage risk until the trend resumes. Meanwhile, we feel it is prudent to restrict positions and use intermediate dips to gradually add quality stocks,”
Sensex Today Live: Buy or sell: Vaishali Parekh recommends three stocks to buy today
Vaishali Parekh, Vice President — Research at Prabhudas Lilladher has recommended three intraday stocks for today, here we list out full details in regard to those day trading stocks:
1] Bharat Forge: Buy at ₹897, target ₹980, stop loss ₹870;
2] Havells India: Buy at ₹1314, target ₹1380 to ₹1400, stop loss ₹1280; and
3] Wockhardt: Buy at ₹244, target ₹280, stop loss ₹230. (Read More)
Stock Market Live: ITC’s Sanjiv Puri explains why the company will hold 40% stake in ITC Hotels
On July 27, 2023, ITC Ltd, a prominent company involved in both the cigarette and hotel businesses, conducted its investor conference call. During the call, Sanjiv Puri, the chairman and managing director, shed light on the decision to maintain a 40% stake in the demerged ITC Hotels.
Puri elaborated on the rationale behind this choice, stating that the demerged entity would adopt a ‘royalty-like’ arrangement concerning the utilization of other ITC brands and assets.
“ITC will stay invested in the hotels business with this holding and also draw synergies for its foods vertical from the demerged entity. The hotel entity will have a strong balance sheet and also be debt-free. It can also raise capital either through debt, equity or from strategic investors,” he told analysts over a con-call. (Read More)
Share Market Live: Wall Street closes down on Thursday, Dow snaps longest winning streak since 1987
U.S. stocks ended lower on Thursday after news that the Bank of Japan will allow long-term interest rates to rise sent U.S. yields higher, snapping the longest winning streak for the Dow since 1987.
The Nikkei newspaper reported the central bank will maintain its 0.5% cap for the 10-year government bond yield, but discuss allowing long-term interest rates to rise above that level by a certain degree. Reuters confirmed the central bank may make minor tweaks to extend the lifespan of its yield control policy.
Michael Green, chief investment strategist at Simplify Asset Management, said reports of the Bank of Japan’s plans were the biggest driver behind Wall Street’s performance on Thursday.
Higher rates in Japan pushed the U.S. 10-year yield over 4% and reduced the attractiveness of stocks.
The Dow Jones Industrial Average fell 237.4 points, or 0.67%, to 35,282.72, the S&P 500 lost 29.29 points, or 0.64%, to 4,537.46 and the Nasdaq Composite dropped 77.18 points, or 0.55%, to 14,050.11. (Reuters)
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